Gran Tierra Energy Inc. has made another major oil discovery, this time at the Charapa-B6 well located on the Charapa Block in Ecuador. This discovery follows the recent successes at the Arawana-J1 and Bocachico Norte-J1 wells on the Chanangue Block, highlighting the significant potential of this promising region.
Exploration Success in the Charapa Block
Gran Tierra has successfully drilled and tested the Charapa-B6 well, cementing its status as a key player in Ecuador's oil exploration scene. The company has completed the production casing and perforated the Hollin oil zone, which spans 50 feet, with 45 feet identified as reservoir pay. Production testing is now underway, and early signs point to a productive well.
This marks the first exploration in the Charapa Block since the Charapa-B5 well was drilled in 2022. To date, the Charapa-B5 well has yielded over 280,000 barrels of oil, reinforcing the potential of this block. Gran Tierra has already moved its rig to drill the Charapa-B7 exploration well, which was spud on August 9, 2024.
Gary Guidry, Gran Tierra’s President and CEO, expressed optimism about the future, stating, “The Charapa-B6 well represents our third oil discovery in 2024 and our fifth in Ecuador since resuming exploration post-pandemic. These discoveries highlight our team's expertise and the effectiveness of our near-field exploration strategy in Ecuador.”
Strong Results Across Multiple Wells
Gran Tierra’s recent string of successes in Ecuador is a testament to the company's robust exploration strategy. With five successful exploration wells drilled in the country, the company has consistently discovered oil, particularly medium to light hydrocarbons from various geological zones. This underlines the untapped potential within the Oriente and Putumayo basins, where Gran Tierra continues to focus its efforts.
Last week, Gran Tierra also reported a discovery at the Bocachico Norte-J1 well. The company has completed production casing and perforation in the T-Sand oil zone and is initiating production testing. This positive result strengthens confidence in the multi-zone potential of the Zabaleta well, which is scheduled for drilling in late 2024.
Arawana, another field in the region, continues to deliver strong performance, producing over 900 barrels of oil per day from the Basal Tena zone. With cumulative production reaching approximately 74,000 barrels, Gran Tierra plans to enhance operations by upgrading the artificial lift system from a jet pump to an electrical submersible pump in the third quarter of 2024.
Guidry emphasized the importance of these developments, noting, “These discoveries showcase our deep technical expertise and strategic land positioning in the Oriente/Putumayo basin. Combining production from multiple zones enhances our operational flexibility and strengthens our economic outlook. We anticipate that these fields and the Arawana field will drive production growth, reserve additions, and free cash flow for years to come.”
Gran Tierra’s ongoing success in Ecuador highlights the company’s commitment to unlocking the potential of the region. As exploration continues, the company is well-positioned to capitalize on the opportunities within the Charapa and Chanangue Blocks, further solidifying its role as a leader in the Latin American oil and gas sector.
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